Business
BREAKING: FG drops money laundering charges against Binance executive Gambaryan

The Federal government of Nigeria has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who has been on trial for money laundering and currency speculations at the Federal High Court in Abuja.
The trial judge, Emeka Nwite, ordered Mr Gambaryan, a US citizen, to be immediately released from Kuje prison in Abuja, following a request by the prosecution during Wednesday morning’s proceedings.
The development, coming two days ahead of the previously scheduled hearing set for 25 October, which had been announced in open court last Friday, appears to be planned to avoid attracting widespread attention.
Meanwhile, the judge sustained the money laundering charges against Binance, a cryptocurrency firm, which now stands as the sole defendant in the case.
The firm is accused of money laundering and currency speculation involving as much as $34.4 million to the detriment of the Nigerian forex market and economy.
A lawyer, R.U. Adaba, representing the Economic and Financial Crimes Commission (EFCC) – the prosecuting agency – applied on Wednesday morning to the court to stop the prosecution of Mr Gambaryan.
She cited diplomatic interventions and the extent of the defendant’s involvement in the alleged crimes as the key reasons for the decision.
“The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Ms Adaba said.
She also cited Mr Gambaryan’s worsening health in custody.
She noted that “the health of the defendant has been a recurrent issue which the state has managed well at the correctional centre facility through NSA (the National Security Adviser.”
But despite the Nigerian government’s best efforts at caring for him, Ms Adaba said “the second defendant can barely walk without a wheelchair or crutches and in addition with other ailments.”
“A surgery had been recommended,” she added, and the recovery process “may take some time that may impact on the pace of the trial.
”Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr Gambaryan, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
“We ask the court to expedite everything to ensure Mr Gambaryan leaves the facility of the correctional centre,” the senior lawyer said.
In addition to seeking his client’s discharge, Mr Mordi asked for full acquittal, citing Section 108 of the Administration of Criminal Justice Act (ACJA) for the second defendant to be “discharged and acquitted.
Wednesday’s hearing marked the culmination of months of intense, behind-the-scenes diplomatic talks between Nigerian and US government officials, aimed at securing the release of Mr GambaryanIn the weeks leading up to the hearing, some US lawmakers had campaigned for the release of Mr Gambaryan, writing to relevant Nigerian and American authorities to intervene.
The pressure on the Nigerian government intensified after the trial court twice denied the defendant’s bail requests.
Business
FedEx founder and former boss Fred Smith dies aged 80
Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.

Image credit: Getty Images
Fred Smith, founder of the US parcel delivery giant Federal Express, has died at the age of 80, the company has announced.
Mr Smith founded the firm in 1973 having previously served in the US Marine Corps.
He ran the company as CEO until 2022.”Fred was more than just the pioneer of an industry and the founder of our great company.
He was the heart and soul of FedEx,” current boss Raj Subramaniam wrote in a memo to staff.
Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US.
(BBC)
Business
BREAKING: NNPC Spokesman, Soneye resigns

The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.
In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.
He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.
The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.
“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.
“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.
“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.
I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.
“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”
Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”
Business
DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.
In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.
On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.
“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.
Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.
Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.
“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.
Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”
Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.
Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.
Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.
Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.
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